Stability and Hopf bifurcation analysis on Goodwin model with three delays

In this paper, a class of Goodwin models with three delays is dealt. The dynamic properties including stability and Hopf bifurcations are studied. Firstly, we prove analytically that the addressed system possesses a unique positive equilibrium point. Moreover, using the Cardano’s formula for the third degree algebra equation, the distribution of characteristic roots is proposed. And then, the sum of the delays is chosen as the bifurcation parameter and it is demonstrated that the Hopf bifurcation would occur when the delay exceeds a critical value. Finally, a numerical simulation for justifying the theoretical results is also provided.